Q3 2026 Lupin Ltd Earnings Call Transcript
Key Points
- Lupin Ltd (BOM:500257) reported its 14th consecutive quarter of year-on-year growth, with broad-based performance across regions including India, Europe, LatAm, and other emerging markets.
- The US market recorded its highest sales ever, driven by new product launches such as Tolvaptan and generic Risperdal Consta, with CGT exclusivity.
- Successful US FDA inspection of the Pune biologics facility and approval of pegfilgrastim, Lupin's first biosimilar for the US market, were significant milestones.
- Emerging markets showed impressive growth, with Brazil growing 99% year-on-year in local currency, driven by successful commercialization of dapagliflozin.
- Lupin's R&D spend was 7.5% of sales, reflecting a strong focus on complex and specialty platforms, with over 50 active products in the pipeline.
- Technical difficulties during the earnings call led to communication issues, potentially affecting the clarity of the presentation.
- Despite strong growth, the India business faced challenges with lower local tender sales impacting overall revenue growth.
- The company anticipates a dip in Q4 margins due to higher R&D expenditure and lower PLI income.
- The Mirabegron settlement involves a $90 million payout, which could impact profitability despite providing market certainty.
- The competitive landscape in the US, particularly for biosimilars, remains challenging with potential new entrants and pricing pressures.
(audio in progress) Nilesh; our CFO, Ramesh; and our Head of Investor Relations, Ravi. We look forward to sharing our Q3 performance and our outlook for the year ahead.
We are pleased to report another quarter of strong execution with revenues [as in] last quarter's [great] performance. This marks our 14th consecutive quarter of year-on-year growth. While the US continued to perform well, I would like to highlight that growth this quarter was broad-based. Most of our regions, including India prescription business, Europe, LatAm and other emerging markets delivered double-digit year-on-year growth.
Turning to (inaudible). The quarter was particularly strong for us in the US. They recorded the highest sales in the region so far -- with exclusivity. Our first product from the proprietary and the [Nomi] long-acting inject -- milestone this quarter was the successful US FDA inspection of our biologics facility in Pune, followed by the approval --
They can't hear us. (technical
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